March 8, 2023
Dynamic Technologies Inc. et al. (collectively, the "Dynamic Group"), an Alberta-based group of companies in the business of designing, manufacturing, commissioning and providing ongoing parts and services to theme park owners around the world, obtained CCAA protection on March 8. Dynamic Technologies Inc. is listed on the TSXV under the symbol "DTG.V". Over the last 5 years the Dynamic Group has a net loss of approximately $116.1 million and its near term liquidity issues have resulted in an inability to continue to make payments as they come due. As at December 31, 2022, the Dynamic Group owed USD $16.0 million plus accrued interest and fees under a credit agreement, as well as USD $1.0 million owing under an unsecured bridge loan with Promising Experts Limited. In addition, the Dynamic Group owes approximately USD $2.0 million plus accrued interest under term loan with EDC, as well as approximately $6.1 million in liabilities owing under existing contracts. It currently employs approximately 75 full-time employees and 25 hourly unionized employees. FTI was appointed Monitor. Counsel is MLT Aikins for the Dynamic Group.
By Dina Milivojevic